Up to 75,000 drivers at risk as Setanta Insurance collapses

Up to 75,000 van and car drivers are being advised by the Central Bank to purchase a new motor insurance policy immediately following the collapse of Setanta Insurance.

The insurance firm, which was licenced by the Malta Financial Services Authority and sold car and van insurance in Ireland, had been in the process of winding up its business here since January.

However the company recently decided that a solvent run-off of the business was no longer viable and, at an Extraordinary General Meeting yesterday, decided to immediately dissolve and surrender its business licence.